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Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. · Sep 8, 2015 · 22 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 1
    Integrity Teamwork Transparency September 2015 Barclays Investor Presentation
  2. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 2
    Bonanza Creek Overview Market Cap(1): 0.4 billion Wattenberg Field(2) Arkansas 25,000 7,000 Enterprise Value(1): 1.2 billion Boe/d Boe/d 2Q15 Production: 28.0 Mboe/d Production Mix(3): 76% liquids 2014 Proved Reserves:…
  3. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 3
    Sustainability in a Lower for Longer Environment Disciplined Deployment of Capital 25% reduction in well costs, with line of sight to 40% reduction by 2016 2015 program maximizes capital efficiency by leveraging infrastructure in…
  4. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 4
    Stacked Pay in High-Margin Oil Window 70,000 net acres in delineated oil window Zero exposure to urban population eliminates regulatory setback risk Blocky acreage accommodates long laterals Established field level and regional…
  5. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 5
    Significant Multi-Year Growth in the Wattenberg 2012 2015 2012 Niobrara B productive across acreage 2013 Niobrara C productive across acreage; Codell productive across 15,000 net acres 2014 Niobrara B / C stacking confirmed;…
  6. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 6
    Wattenberg Niobrara Resilient to Low Oil Prices Selected U.S. Oil / Liquids Basin IRRs at the Strip and Theoretical IRR with 20% Reduction in Capex Internal Rate of Return (IRR) 40% 75% of BCEI acreage is 35% amenable to extended…
  7. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 7
    DJ Basin Predictability is Superior 8x 7x Ideally suited for full-field 1st 90 Day Production: Ratio of P10/P90 6x development 5x 4x 3x 2x 1x 0x Permian - Wolfcamp Marcellus Eagle Ford Utica Bakken DJ…
  8. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 8
    Consistent Geology Throughout Acreage Position Niobrara A Bench 3 Thinner and resistivity less developed vs B & C Benches 22 Niobrara B Bench 1 4 Consistent thickness and resistivity across BCEI leasehold 5 Niobrara C Bench 6 7…
  9. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 9
    Leading Relative HZ Niobrara Well Performance Creaming Curve(1) (Wattenberg HZ wells since 2013) Key Takeaways & Methodology 3,000 Superior 90-day cumulative well production history Creaming curves show rate of change and relative…
  10. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 10
    Contiguous Position Enables Efficient Development Contiguous Acreage Position Advantage Minimize rig movement time 97,000 gross (70,000 net) acres from pad to pad Leverage efficient pad drilling Utilize XRL drilling program to…
  11. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 11
    Sustainable Well Cost Reductions 70% of cost reductions are repeatable efficiency gains 4,000 Niobrara/Codell Well Cost Improvements 4,500 -20% -22% 4,000 -33% (thousands) -40% 3,500 4,500 3,000 4,000 3,600…
  12. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 12
    Strong Reserves Growth and Measured Booking Methodology Wattenberg 1P Reserves(1) 558 MMBoe Net 3P Reserves 70,000 Codell Wattenberg 1P 60,000 55% 7% 14% Arkansas 50,000 8% 40,000 60% 30,000 20,000 40% 32% 68% Niobrara C…
  13. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 13
    Increased Gas Infrastructure Enhances Productivity Sullivan CS 40 MMcf/d Lucerne II 200 MMcf/d Windmill Line DCP Lucerne II plant brings significant additional gas processing capacity to the basin, creating lower, more…
  14. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 14
    Oil Pipeline Infrastructure Expanding Differentials Tightening Rail Takeaway Capacity Timing 120 MBbl/d Existing Pony Express 105 MBbl/d By YE15 DJ Lateral Pipeline Takeaway Grand Mesa(1) Capacity Timing 470 MBbl/d…
  15. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 15
    Sound Financial Position 500 million in liquidity at 2Q15 Debt Maturities at June 30, 2015 Long-dated, low coupon unsecured debt issuances 600 Earliest debt maturity is 2021 on high- 500 yield debt 400 millions Weighted…
  16. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 16
    BCEI vs Basin Focused Peers Unit EBITDAX Net Debt / EBITDAX 35 4.5x Net Debt / LTM EBITDAX EBITDAX / Boe (MRQ) Peer Group Peer Group 30 4.0x Avg: Avg: 25 19.38 3.5x 3.1x 20 3.0x 2.5x 15 2.0x 10 1.5x 5 1.0x 0 0.5x…
  17. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 17
    Appendix 19
  18. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 18
    Significant Production Hedged Oil: Swaps Oil: 2-Way Collars Oil: 3-Way Collars Gas: 3-Way Collars 3Q 2015 6,000 b/d 72.16 6,500 b/d 84.62 x 95.49 15,000 Mcf/d 3.50 x 4.00 x 4.75 4Q 2015 6,000 b/d 72.16 6,500 b/d 84.62 x 95.49 15,000…
  19. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 19
    Wattenberg Horizontal Niobrara Economics(1) Target Three-Stream SRL 354 and XRL 687 MBoe Type Curves 700 SRL 354 (2-stream IPs): 650 30-day Avg: 30-day 458 boepd Avg: 458 boepd 60-day Avg: 60-day 400 boepd Avg: 400 boepd 600…
  20. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 20
    Wattenberg 28 vs 25 Stage Completion 25 vs 28 Stage Completion Design Key Takeaways 9,000 North Platte Federal F-22 - 25 Stage Modified our completion design from 28 North Platte Federal F-22 - 28 Stage (2014) to 25 staged (2015) to…
  21. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 21
    Reconciliation to Adjusted EBITDAX Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by management and external users of the Companys consolidated financial statements, such as industry analysts, investors,…
  22. Barclays Capital CEO Energy Power Conference – Bonanza Creek Energy, Inc. – slide 22
    Strict Focus on Cash Operating Costs Unit Cash Operating Costs (/Boe) Unit Revenue & Cash Margins (/Boe) 25 75 67.92 20 60 61.73 7.28 1.63 15 3.15 2.62 45 68% 72% 48.01 6.05 6.39 6.76 10 6.03 5.43 65% 35.44 30 4.14 29.52…

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